A neighborhood revitalization initiative spearheaded by Garden State Episcopal Community Development Corporation was one of 15 projects approved by the New Jersey Department of Community Affairs to qualify for funding through the State’s Neighborhood Revitalization Tax Credits Program.
Through the program, Garden State Episcopal CDC hopes to raise $985k to fund its I Love Greenville Community Plan, a Greenville centered revitalization initiative.
I Love Greenville was created with input from over 500 community stakeholders to improve quality of life issues related to housing, employment, education, health and wellness activities, and economic development. The plan involves partnerships with New City Kids, Boys & Girls Club of Hudson County, Honey Bees Double Dutch Team, and Rising Tide Capital.
John Restrepo, Director of Housing and Community Development with Garden State Episcopal CDC, explained “gentrification in Greenville is likely to improve some neighborhood conditions, as it will increase neighborhood incomes. However, it is also likely to displace low income persons or increase the disparity between the cost of living and incomes in the neighborhood. While the goal of the plan is to improve neighborhood conditions, it also recognizes the need to create opportunities that will allow current residents to enjoy in Jersey City’s growth.”
The Neighborhood Revitalization Tax Credits Program provides businesses active locally with a way to ensure their state tax liability is directly invested in Jersey City. To be eligible for the 100% tax credit against various state taxes, including the corporation business tax and insurance premium tax, a business must have a state tax liability in excess of $25k.
For this upcoming round of funding, GSECDC has already secured a pledge from Dixon Advisory USA– a local for-profit housing developer—and is encouraging other Jersey City corporations to do the same.
“Dixon Advisory USA is thrilled to use its tax dollars to support the Garden State Episcopal CDC’s holistic approach to ending the cycle of poverty in Greenville” said Rebecca Symes, General Counsel for Dixon Advisory. “And, while we will participate to the maximum amount permissible based on our corporate tax liability, other local corporations will have to do the same in order to fully fund the I Love Greenville Community Plan.”
There is only $10 million dollars available in program pool and 15 approved projects for consideration this year. The NRTC application submission deadline is December 23, 2016. However, the funds are issued on a first come-first serve basis, so interested businesses are encouraged to apply immediately. The application is available at here.